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Mitek Systems, Inc. provides digital identity verification and fraud prevention solutions worldwide. The company offers Mobile Deposit, a mobile remote deposit capture solution for retail financial institutions, brokerages, and prepaid card providers; Check Fraud Defender, a cloud-hosted fraud mitigation service; Mitek Verified Identity Platform, an end-to-end identity verification solution; Mobile Verify, an omnichannel identity document verification engine; MiSnap, a software development kit that replaces manual image capture with auto-capture; CheckReader, which enables financial institutions to automatically extract data from checks once they have been scanned or photographed by the application; and Check Intelligence, a check fraud solution. It also provides IDLive Face, a passive face liveness detection; IDLive Doc, a document liveness detection; and IDLive Voice, an anti-spoofing voice liveness. The company was incorporated in 1986 and is based in San Diego, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $180M | $37M | $9M | $54M | 3.7% | 4.4% | 168.3% |
| 2024 | $172M | $25M | $3M | $30M | 1.5% | -0.3% | -59.2% |
| 2023 | $173M | $38M | $8M | $31M | 3.9% | 19.2% | 117.3% |
| 2022 | $145M | $27M | $4M | $20M | 2.2% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 144.80 | 172.55 | 172.08 | 179.69 |
| Operating Revenue | - | 144.80 | 172.55 | 172.08 | 179.69 |
| Cost Of Revenue | - | 20.01 | 22.95 | 24.40 | 26.79 |
| Gross Profit | - | 124.80 | 149.60 | 147.69 | 152.90 |
| Operating Expense | - | 110.80 | 131.92 | 143.70 | 135.27 |
| Research And Development | - | 30.19 | 28.99 | 34.64 | 35.28 |
| Selling General And Administration | - | 65.43 | 83.89 | 93.76 | 85.85 |
| Total Expenses | - | 130.80 | 154.87 | 168.09 | 162.06 |
| Operating Income | - | 14 | 17.68 | 3.99 | 17.63 |
| Total Operating Income As Reported | - | 12.20 | 15.56 | 2.23 | 16.79 |
| EBITDA | - | 27.01 | 38.45 | 25.26 | 36.85 |
| Normalized EBITDA | - | 28.81 | 40.56 | 27.02 | 37.69 |
| EBIT | - | 11.83 | 19.40 | 8.35 | 21.39 |
| Interest Expense | - | 8.23 | 9.06 | 9.26 | 9.78 |
| Net Interest Income | - | -8.23 | -9.06 | -9.26 | -9.78 |
| Other Non Operating Income Expenses | - | -0.37 | 3.84 | 6.12 | 4.60 |
| Other Income Expense | - | -2.17 | 1.73 | 4.36 | 3.76 |
| Interest Expense Non Operating | - | 8.23 | 9.06 | 9.26 | 9.78 |
| Net Non Operating Interest Income Expense | - | -8.23 | -9.06 | -9.26 | -9.78 |
| Pretax Income | - | 3.60 | 10.34 | -0.91 | 11.61 |
| Tax Provision | - | -0.09 | 2.31 | -4.19 | 2.81 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.38 | -0.47 | -0.37 | -0.20 |
| Net Income Continuous Operations | - | 3.69 | 8.03 | 3.28 | 8.80 |
| Net Income From Continuing And Discontinued Operation | - | 3.69 | 8.03 | 3.28 | 8.80 |
| Net Income From Continuing Operation Net Minority Interest | - | 3.69 | 8.03 | 3.28 | 8.80 |
| Net Income | - | 3.69 | 8.03 | 3.28 | 8.80 |
| Net Income Common Stockholders | - | 3.69 | 8.03 | 3.28 | 8.80 |
| Net Income Including Noncontrolling Interests | - | 3.69 | 8.03 | 3.28 | 8.80 |
| Normalized Income | - | 5.12 | 9.68 | 4.67 | 9.43 |
| Diluted NI Availto Com Stockholders | - | 3.69 | 8.03 | 3.28 | 8.80 |
| Basic Average Shares | - | 44.60 | 45.53 | 46.56 | 45.72 |
| Diluted Average Shares | - | 45.78 | 46.46 | 47.47 | 46.93 |
| Reconciled Depreciation | - | 14.95 | 18.72 | 16.91 | 15.46 |
| Reconciled Cost Of Revenue | - | 20.23 | 23.28 | 22.78 | 25.47 |
| Total Unusual Items | - | -1.80 | -2.11 | -1.76 | -0.84 |
| Total Unusual Items Excluding Goodwill | - | -1.80 | -2.11 | -1.76 | -0.84 |
| Special Income Charges | - | -1.80 | -2.11 | -1.76 | -0.84 |
| Restructuring And Mergern Acquisition | - | 1.80 | 2.11 | 1.76 | 0.84 |
| Depreciation Amortization Depletion Income Statement | - | 15.17 | 19.05 | 15.29 | 14.14 |
| Depreciation And Amortization In Income Statement | - | 15.17 | 19.05 | 15.29 | 14.14 |
| General And Administrative Expense | - | 26.59 | 43.34 | 52.99 | 44.33 |
| Other Gand A | - | 26.59 | 43.34 | 52.99 | 44.33 |
| Selling And Marketing Expense | - | 38.84 | 40.55 | 40.77 | 41.52 |
| Amortization | - | 15.17 | 19.05 | 15.29 | 14.14 |
| Amortization Of Intangibles Income Statement | - | 15.17 | 19.05 | 15.29 | 14.14 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Mitek Systems, Inc.this co. | MITK | $719M | 81.70↑ premium | 2.99 | 3.7% | 18.48 |
| Ibotta, Inc. | IBTA | $764M | 213.61 | 2.65 | 1.2% | 80.56 |
| Red Violet, Inc. | RDVT | $763M | 58.01 | 7.56 | 13.0% | 30.34 |
| PagerDuty, Inc. | PD | $733M | 4.21 | 2.89 | 68.6% | 17.07 |
| Sabre Corporation | SABR | $731M | 1.39 |
| - |
| - |
| - |
| - |
| - |
| -0.70 |
| -49.9% |
| 13.78 |
| Daily Journal Corporation | DJCO | $728M | 6.49 | 1.86 | 28.7% | 4.81 |
| N-able, Inc. | NABL | $723M | - | 0.90 | -2.1% | 12.64 |
| Frequency Electronics, Inc. | FEIM | $713M | 30.09 | 12.81 | 42.6% | 50.11 |
| NETGEAR, Inc. | NTGR | $691M | -38.55 | 1.39 | -3.6% | -29.25 |
| Peer Median | - | 6.49 | 2.26 | 7.1% | 15.42 | |